The Weekly Trend
The Weekly Trend
Episode 268: Riding Trends
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In this week’s episode, David and Ian discuss areas of the market moving out to recent or all time highs, an update on small caps, the proposed change to earnings reports, rate cuts, areas of positive performance in underperforming sectors, precious metals, and emerging markets.
Welcome back to the Weekly Trend Podcast. Today is Friday, September 19th, 2025 s and P 500, currently sitting at 66 34. I'm David Darling, I'm here with Ian McMillan. Took a week off for a moment of silence last week. Good to be back on here with you this week. So plenty to cover. Where would you wanna
ian_1_09-19-2025_113929To cover. Stucks up a little bit. Six you said 66, 34.
david_1_09-19-2025_103928Yes.
ian_1_09-19-2025_113929I mean, that's gotta be the highest number we've ever started off with.
david_1_09-19-2025_103928Yeah, it is another time high.
ian_1_09-19-2025_113929All time highs four DA Nasdaq, s and p, and.
david_1_09-19-2025_103928Oh man.
ian_1_09-19-2025_113929Last, so, and sometimes least, I mean, Russell still has some work to do, but our friend Russell made it back three and a half year highs, something around there. Maybe just 3, 20, 21. No. So four. Four your highs.
david_1_09-19-2025_103928It's pretty amazing for some kids out there. This is their first small cap all time high.
ian_1_09-19-2025_113929Yeah. Yeah. It is certainly a sign of participation. Now, where do we go from here? We'll see. I think your average human can pull up a chart of the russell. I mean, a lot of energy has been spent to get here. Just like the last two times we were up here maybe not so much back in 2021, that was November, 2021. So we're coming up on four years. We'll see, we'll see if we slice on through or if we consolidate up here. Right. I mean, I think if I'm looking at IWM, I think. 2 45 to two 30 could be a pretty practical area to set your expectations for. If we got below two 30 then you're kind of back into failed breakout territory
david_1_09-19-2025_103928Right.
ian_1_09-19-2025_113929like we had. I guess that was the end of last year.
david_1_09-19-2025_103928Yep. I mean, really 0% return for small caps November of 2021, so I don't think we, I don't think we get to sit here and say too, too far, too fast for much, much many stocks.
ian_1_09-19-2025_113929Yeah, I mean there's 2000 I now, obviously there's some of those 2000 that I'm have done fine. But not a lot of them, and I don't know, I mean, right in the long term. Right. Is this, is this a long term wind change for, for the sails? You know, a on a relative basis, I don't know. It's a decent, it's a decent start. The last, I'd say the last month or so,
david_1_09-19-2025_103928yeah, if you were gonna see it turn the corner, this is what it could look like.
ian_1_09-19-2025_113929and if it doesn't, then one.
david_1_09-19-2025_103928Yeah. It's, it's almost like there's a benefit to studying price charts. It's almost as if all the opinions, rational and irrational are represented by price a, a future discounting mechanism. It's almost as if you could ignore fundamental data because the fundamental data is in price,
ian_1_09-19-2025_113929I believe so.
david_1_09-19-2025_103928I think the
ian_1_09-19-2025_113929Okay.
david_1_09-19-2025_103928big topic this week was
ian_1_09-19-2025_113929Yes.
david_1_09-19-2025_103928cut, right?
ian_1_09-19-2025_113929Oh, I, okay. I thought you were gonna go somewhere else with that.
david_1_09-19-2025_103928you go, you, we can go there. Eventually. You go where you were thinking.
ian_1_09-19-2025_113929So I thought you were gonna talk about, so you are lamenting on your fundamental data, and did you see what Trump proposed?
david_1_09-19-2025_103928No.
ian_1_09-19-2025_113929having like biannual
david_1_09-19-2025_103928Oh,
ian_1_09-19-2025_113929semi-annual earnings reports.
david_1_09-19-2025_103928Yeah. Semi-annual earnings report. Interesting.
ian_1_09-19-2025_113929Boy wouldn't that throw the, the fundamental boys and girls for a loop.
david_1_09-19-2025_103928What are we gonna talk about then?
ian_1_09-19-2025_113929I bet that would make earnings reports even more volatile.
david_1_09-19-2025_103928Well could, yeah. I
ian_1_09-19-2025_113929I mean, I don't know. Or maybe may, I mean, maybe there's some weird thing where it makes'em less so no one cares. I don't know. I have no idea. We'll see if it happens. I think it would be funny. I mean, it doesn't affect my day job, so I don't really care. We could go to, we could be doing earnings eight times a year.
david_1_09-19-2025_103928Weekly.
ian_1_09-19-2025_113929Weekly.
david_1_09-19-2025_103928Weekly earnings.
ian_1_09-19-2025_113929earnings.
david_1_09-19-2025_103928Why? Why listen to the weekly trend when you could have weekly earnings, Ian, when you could pour over weekly balance sheets, cashflow statements.
ian_1_09-19-2025_113929All the updates, the new projections.
david_1_09-19-2025_103928All the estimates
ian_1_09-19-2025_113929I.
david_1_09-19-2025_103928hit, exceeded.
ian_1_09-19-2025_113929You know, honestly, probably better for investors, traders to only have it twice a year.
david_1_09-19-2025_103928I mean, it would be less, I don't know. Would it be less or more accounting work? I don't know.
ian_1_09-19-2025_113929That's a really good question.
david_1_09-19-2025_103928But it's interesting concept. I mean, I, don't really have a strong opinion on it, but I, I think it's fascinating.
ian_1_09-19-2025_113929I'm gonna need you to have a strong opinion.
david_1_09-19-2025_103928Okay, me have one here. We should not do that'cause that's not what we've always done.
ian_1_09-19-2025_113929Yeah, change sucks.
david_1_09-19-2025_103928That's, my favorite. That's my favorite argument. But we've
ian_1_09-19-2025_113929All right.
david_1_09-19-2025_103928we've always
ian_1_09-19-2025_113929Ru
david_1_09-19-2025_103928this
ian_1_09-19-2025_113929Russell, all time highs.
david_1_09-19-2025_103928Are you trying to get
ian_1_09-19-2025_113929I am, I'm the traction captain,
david_1_09-19-2025_103928Okay.
ian_1_09-19-2025_113929Gold. Did we get gold all the time? Yeah. On like Tuesday we did. It's held up pretty well. Sold off a little bit last.
david_1_09-19-2025_103928miners, man. I mean,
ian_1_09-19-2025_113929Gold Miners. Yeah, gold. I saw GDX was back to all time or Yeah. Yeah.
david_1_09-19-2025_103928I mean, you look at the last two weeks recording back to back new all time highs above, and
ian_1_09-19-2025_113929I,
david_1_09-19-2025_103928GDX above 66 bucks. I
ian_1_09-19-2025_113929yep.
david_1_09-19-2025_103928this is the highest GDX has been in. All of our lifetimes
ian_1_09-19-2025_113929Ever.
david_1_09-19-2025_103928it's amazing.
ian_1_09-19-2025_113929There's a lot of kids born that have, just seeing their first high in GDXI know, Hey, you don't have to sell me.
david_1_09-19-2025_103928Oh, I know, I know. I
ian_1_09-19-2025_113929You don't have to sell me on the miners of the gold.
david_1_09-19-2025_103928you finally caught your bucking bronco, and I'm proud of you.
ian_1_09-19-2025_113929Yeah, it's,
david_1_09-19-2025_103928on a relative basis. You could, there could be 27% more alpha in this thing, but
ian_1_09-19-2025_113929and then here's the thing is look at, like, I look at I'm talking like physical here, but like, silver verse gold, SLV versus GL. So that's about to break out to, that's a really nice consolidation. The last, kind of the last two months.
david_1_09-19-2025_103928Yeah,
ian_1_09-19-2025_113929And then if you guys,
david_1_09-19-2025_103928that'd be just further confirmation of precious metals doing well, when silver does better than gold and that I would even make, I, I'm not making that argument when we see gold miners do what they're doing versus gold itself.
ian_1_09-19-2025_113929Yeah,
david_1_09-19-2025_103928Are doing better than the metal that's indicative of a precious metal environment.
ian_1_09-19-2025_113929dollar's. Still pretty weak, so I guess that's a good tailwind to half.
david_1_09-19-2025_103928Yeah,
ian_1_09-19-2025_113929I bounced a little bit this last couple days, but I mean, overall downward sloping. 200 day
david_1_09-19-2025_103928I mean, even. Uranium miners doing well,
ian_1_09-19-2025_113929uranium, very hot. Still don't know any
david_1_09-19-2025_103928but pretty
ian_1_09-19-2025_113929lay in bed at night. Stare at the ceiling.
david_1_09-19-2025_103928Yeah.
ian_1_09-19-2025_113929My wife gets on me about it. My kids ask me about it.
david_1_09-19-2025_103928In
ian_1_09-19-2025_113929will you go to Target and buy me some uranium miners?
david_1_09-19-2025_103928Yep. Like, how are we gonna have Christmas without this?
ian_1_09-19-2025_113929Gotta find something else.
david_1_09-19-2025_103928But yeah, I mean, it's a fresh breakout this week
ian_1_09-19-2025_113929Yeah, they look good. The individual stocks look really good.
david_1_09-19-2025_103928Mm-hmm. And internationally, you know, we continue to see China perk up. Well, I mean, you look at Baba,
ian_1_09-19-2025_113929Yeah,
david_1_09-19-2025_103928Alibaba continues to move higher. China continues to move higher and.
ian_1_09-19-2025_113929it's China, so you gotta be a little, it's really amazing how bad Chinese stocks have been versus US stocks.
david_1_09-19-2025_103928For a long time.
ian_1_09-19-2025_113929For a very long time. They're kind of a pain in the butt. They do go on these nice runs, but
david_1_09-19-2025_103928I mean, yeah, just using FXI versus s and p, we're still at minus 85%. Since 2009.
ian_1_09-19-2025_113929yeah. F Yeah, FXI is flat since May, 2000. Seven. That is 18 years of going a lot of places and going nowhere.
david_1_09-19-2025_103928Mm-hmm. Lot of heartburn in there. Lot of Pepto Bismol. In emerging markets overall, how are those looking like? I, I know we talked China and I, I
ian_1_09-19-2025_113929I think they look good. I mean, technically, yeah. I.
david_1_09-19-2025_103928technically, but
ian_1_09-19-2025_113929every year. Every year I go and look and see if it's still though. Yeah. The way MSCI like does their rankings, you have to have x percent of middle class, X percent of your population has to be considered like middle class. That's one of their things.
david_1_09-19-2025_103928Oh, okay.
ian_1_09-19-2025_113929And so I think that China still. I don't know what they, what I, I don't know The deep men. That was like four or five years ago. I looked into maybe even longer than that, how they actually do. Great.'cause then there's frontier markets got rid of that ETF. It's probably killing it right now. Would've been, yeah. Emerging markets, I mean, pretty good. South Korea. I think South Korea is like an emerging market. A lot of that Asian stuff is good,
david_1_09-19-2025_103928See, I would've put South Korea in a developed, but what do I know?
ian_1_09-19-2025_113929is it could be.
david_1_09-19-2025_103928I mean, Africa looks good. It's broken a rate of tr downward rate of trend that goes back to 2008. So not, not, not too, not too shabby out of emerging markets. mean, even ILF is breaking a rate of trend that goes back to 2008. So I think we got some, some clues here out of emerging markets that might be turning the corner for a good bit here. We'll see, like you said, a little more higher beta. When you look at that segment, and then when you look further international, I mean, Japan continues to follow through on its 30 year breakout on an absolute basis, not too shabby. And speaking of high beta, one of your favorite relationships? High beta versus low fall.
ian_1_09-19-2025_113929Yeah, continues to confirm.
david_1_09-19-2025_103928Looks good.
ian_1_09-19-2025_113929Here we go. South Korea is classified as an emerging market. So this, it kind of goes, I mean, you're kind of right. So it basically checks all MSCI site. It basically checks all the boxes for a developed market except for market accessibility for Ford investors.
david_1_09-19-2025_103928Interesting.
ian_1_09-19-2025_113929It's known as the Korea discount. The gap between South Korea's economic development and its emerging market classification leads to a phenomenon known as the Korean discount,
david_1_09-19-2025_103928Learn something new.
ian_1_09-19-2025_113929and that's why people listen to the weekly trend.
david_1_09-19-2025_103928Yeah, I almost fell asleep. That wasn't, I wasn't saying that to be mean. I was just saying it is a good
ian_1_09-19-2025_113929Yeah,
david_1_09-19-2025_103928good fundamental.
ian_1_09-19-2025_113929you gotta to go down the rabbit hole real quick.
david_1_09-19-2025_103928That's right. So that's interesting. So does that mean China would've checked the access part, but not the middle class part?
ian_1_09-19-2025_113929Yeah, I guess so. Yeah, China, I mean, clearly very accessible.
david_1_09-19-2025_103928Interesting. Huh?
ian_1_09-19-2025_113929India. Very accessible. So accessible. They reach out to you via text and email. That's how accessible it is to spend money in India.
david_1_09-19-2025_103928It's amazing. Now I'm awake. great. So
ian_1_09-19-2025_113929Oh, you said earlier that we cut rates this week.
david_1_09-19-2025_103928Yeah. I find it fascinating. I had someone approach me talking about it,
ian_1_09-19-2025_113929Oh, okay.
david_1_09-19-2025_103928told, told'em I didn't wanna be rude, but didn't care. I understand why people care, but since rates have been cut, rates in the credit market have risen. Is that how this works? The fed cuts rates.
ian_1_09-19-2025_113929Yeah.
david_1_09-19-2025_103928we, we see treasuries fall, or treasuries fall and rates go up. So I, it's interesting. I mean, it is what it is.
ian_1_09-19-2025_113929Yeah, we'll see how it plays out. I think it's definitely one of those things. You gotta give it a few weeks and then what they're already pricing in another rate cut. Is that it's is it just it is monthly. They make those decisions,
david_1_09-19-2025_103928Well, they've got emergency ones. They've got your standard scheduled one. You know, like when they have their standard meetings.
ian_1_09-19-2025_113929their little meeting every month?
david_1_09-19-2025_103928Mm-hmm. I do. I do find it interesting looking at the US two year yield,
ian_1_09-19-2025_113929Yes.
david_1_09-19-2025_103928you look at twos versus tens, but when you just look at the two year yield, it's at an interesting spot that 3.55, 3.57%
ian_1_09-19-2025_113929down here a few times.
david_1_09-19-2025_103928and down here a few times, and if that were to roll over, if we see any type of. Significance from that. I mean, the, the past times that has rolled over has been a little, now when I say the past times, I am talking about like 2007, 19, that when you see the two year yield roll over. So I think this is a pretty important spot here. 3.55.
ian_1_09-19-2025_113929some spooky talk Dave.
david_1_09-19-2025_103928It is.
ian_1_09-19-2025_113929Halloween season is upon us.
david_1_09-19-2025_103928it is, I'm sure. I'm sure the Spirit,
ian_1_09-19-2025_113929that wouldn't be fun.
david_1_09-19-2025_103928spirit Halloween stores are popping up everywhere.
ian_1_09-19-2025_113929Visited one on Saturday, probably going back tomorrow.
david_1_09-19-2025_103928Oh, did you get that Karen, costume, or what did you.
ian_1_09-19-2025_113929No, we had to pick'em out for the, the kiddos.
david_1_09-19-2025_103928You're, you're on it. I mean,
ian_1_09-19-2025_113929Yeah. We are on it. We are very on it this year. Getting it early.
david_1_09-19-2025_103928you gotta get first pick.
ian_1_09-19-2025_113929Yeah.
david_1_09-19-2025_103928You don't want any picked over. So what are the kids gonna be? Where should we cover that more when closer to Halloween?
ian_1_09-19-2025_113929Yeah, maybe we'll co cover it on our alene special.
david_1_09-19-2025_103928Halloween special.
ian_1_09-19-2025_113929Okay.
david_1_09-19-2025_103928But yeah, I, I think, you know, I. I think it's always important to look at things that challenge your thesis, right? Because I, I think our listeners know that since the breath thrust we saw back in April, we've been pretty bullish and because prices confirmed it not'cause we know anything special, it's just following price. So you always wanna look at things that challenge that thesis. And I think the two year yield could be one of those things. Like if I were to say, Hmm, that that's a little bit of a something worth paying attention to, it would be those two year yields if we're gonna roll over and see high demand for short term cash maybe that's indicative of a little bit of concern in the market. We, we'll see. Yeah, we've gotta see this 3.55 level hold. We still see triple C credit spreads trending down.
ian_1_09-19-2025_113929Yeah.
david_1_09-19-2025_103928Maybe a minor divergence here versus equities as a whole. So you always wanna look at things that are gonna challenge your thesis. I mean, you got things that are confirming your thesis, you know, when you are. When your sectors, year to date are communication services, technology, industrials, when you're seeing small caps go out to new all time highs, when you're seeing financials participate or staples participate, but not necessarily lead on a relative basis. When you're seeing emerging markets strength, those are hallmarks of of a bull market, and so you just wanna look at. are things that are potentially not, and maybe this 2-year-old thing is something I don't know, and we won't know for a while. What else are we seeing out there? What else is worth highlighting for our listeners?
ian_1_09-19-2025_113929You know, well, you just mentioned communication, services and tech. I would say those are still two areas to hang out. We've kind of. I kind of lost industrials
david_1_09-19-2025_103928Yeah. What do you, what do you think about
ian_1_09-19-2025_113929lost financials. I mean, they look fine on an absolute base. I actually really like the industrial XLI, I think that has a lot of potential. For Q4. Yeah, it's, and we haven't gotten, it's not like. I mean, healthcare hasn't done much, right? We had the kind of the big healthcare pop, relative pop it was like a month ago, like mid or late August. Now discretionary has gotten better.
david_1_09-19-2025_103928And that's another one, right? If you look at
ian_1_09-19-2025_113929And retail looks good. I mean, a lot of the retail stuff, it's not too bad.
david_1_09-19-2025_103928well, discretionary versus staples on an equal weighted basis continues to confirm risk on. So you look at something like RSPD and versus RSPS, new all time highs
ian_1_09-19-2025_113929Yeah.
david_1_09-19-2025_103928you, mentioned healthcare. What I find fascinating is if you look at IBB biotech, which is in healthcare versus XLV, we have a base breakout on our hands. So we're talking about risk taking within the healthcare sector, even though healthcare, broadly speaking, like your large cap healthcare. Not looking so great, but we're gonna go ahead and be allocated towards biotech stocks. It's interesting.
ian_1_09-19-2025_113929Yeah, energy. Pretty rough. Materials. I mean, yeah, you have gold miners, but materials is a whole pretty rough, obviously staples continue to severely underperform. We wanna see that. Same with real estate. And then, yeah, I mean, you take today's action and you, you know, XLK technology. I mean, looks like we might get some continued. Strength here. We'll see.
david_1_09-19-2025_103928The make makes go out to new all time highs on a relative basis.
ian_1_09-19-2025_113929Mags is going out to, yeah,
david_1_09-19-2025_103928Fangs going out to
ian_1_09-19-2025_113929look at that.
david_1_09-19-2025_103928time highs. Large cap or mega cap, you know, MG, K versus s and p trying to go out to new all time highs.
ian_1_09-19-2025_113929Semiconductors had a big day yesterday.
david_1_09-19-2025_103928Yeah, a little cooling today, but that's okay. They were pretty on fire
ian_1_09-19-2025_113929All time highs, not new relative all time highs, but I'm gonna continue to.
david_1_09-19-2025_103928You know, I thought, I thought you brought up a pretty good point in one of our market calls this week that I kind of wanted to get you to elaborate on, and that's. We talked about some of the sectors underperforming, like healthcare, like real estate, like materials, industrials, but they're not. you look at them underneath the surface, they're not all the same. And what I mean by that is like for example, real estate, like let's say your mandate was to be a real estate equity manager, the picking is pretty slim.
ian_1_09-19-2025_113929Yeah, it sucks. Like broad real estate is terrible.
david_1_09-19-2025_103928Like you look across the spectrum, large, small, medium. You look through all the, the charts in real estate and there's just not a lot. Maybe CBRE may be well, but that's about it. But then you look at industrials and you notice this. There's some things there, right?
ian_1_09-19-2025_113929Yeah, I think there are. I think you could, I mean, there's a lot of things working. Obviously the big one is aerospace. We know that. But even outside that a lot of good stuff there is just those big ones. Ones that come to Honeywell UNP Cummins and Caterpillar don't look bad, but they're not, you know, they are big weights and they're not, I mean, they're just going sideways against the index, so. I really no boost from either of those. A DPI think an A DP is also in industrials technically. And it's fine. But yeah, on a relative basis they just, those top 10. Like any, like any ETF portfolio, your high weight, highest weighted stocks are gonna have the biggest impact. Yeah. But yeah, if you look at, you know, broad industrial, small caps, mid caps, all the other stuff, pretty solid, pretty solid stuff going on out there.
david_1_09-19-2025_103928Yeah. It just that you, you know, it's just that, that you gotta pay attention to all the pieces underneath the surface. You can't just look at XLI, you gotta look at what make up that sector and what's going on there. And there's, there's some opportunities within the sector and then you look at something like a real estate and there isn't just is what it is. What do you think about, you know, you mentioned tech, broadly speaking. But isn't it fascinating to see some old tech names
ian_1_09-19-2025_113929Yeah,
david_1_09-19-2025_103928perking up?
ian_1_09-19-2025_113929and I think also PSCT, small Cap Tech make it made. Its all time high,
david_1_09-19-2025_103928Yeah. How, how bearish is that if that's
ian_1_09-19-2025_113929so you're definitely into participation there. I am sorry I interrupted you. What was your question?
david_1_09-19-2025_103928It was just some of the old names like Oracle
ian_1_09-19-2025_113929old names? Yeah.
david_1_09-19-2025_103928Oracle and Western Digital. I mean these are Western Digital goes back to the seventies, Oracle,
ian_1_09-19-2025_113929Yeah. Larry. I think Larry, Allison's the richest man in the world.
david_1_09-19-2025_103928crazy.
ian_1_09-19-2025_113929Regain the top spot. We'll see. Tesla. Hey, Tesla's had a pretty big move. Tesla's up. I think I saw 72% since Tim Walls was dogging on it.
david_1_09-19-2025_103928Well,
ian_1_09-19-2025_113929Big fade. Big fade on that guy.
david_1_09-19-2025_103928yeah, no comment. But then there's also new tech. Remember when they used to hate on Kathy Wood and I mean, look what ARC funds are doing.
ian_1_09-19-2025_113929Our, our, yeah, Kathy's definitely having a great year across the bard. RK rq. Arc F, arc W I know I'm forgetting one in there. She's even come out with arc G, their biotech one, I think. I think RG got to year to date highs earlier. Okay. Not year to date, but back to where it was in February. Yeah.
david_1_09-19-2025_103928arc X.
ian_1_09-19-2025_113929Arc X. That was it. Very, yeah, very strong. I mean, people haven't talked about her in a few years, so I guess that would make sense.
david_1_09-19-2025_103928they'll wait and, and think she's the next greatest thing. Once we're at all time highs and that's too late. That's how this works.
ian_1_09-19-2025_113929Boy, if she get, if a gets back to, if Arc gets back to all time highs. I mean, we got, we got a lot of bull market ahead of us.
david_1_09-19-2025_103928Mm-hmm.
ian_1_09-19-2025_113929That would be something. And hey, I mean, that's a heck of a, it's a heck of a, it's a really nice looking chart. I mean, that would be over. That's like another 90% just in arc. Obviously it doesn't mean the s and p is gonna go up 90%.
david_1_09-19-2025_103928Right.
ian_1_09-19-2025_113929Okay, this says 87%. We'll see,
david_1_09-19-2025_103928We will.
ian_1_09-19-2025_113929I'll tell you what, if it keeps going, I we'll be participating.
david_1_09-19-2025_103928That's right. Participate in Uptrends. I believe you had a quote from Med se SE on that.
ian_1_09-19-2025_113929Yeah, the quote was, let me go back here and find it. I don't predict markets, I just ride them.
david_1_09-19-2025_103928Makes
ian_1_09-19-2025_113929Sequoia, very famous trend follower.
david_1_09-19-2025_103928why? Get caught up in predictions.
ian_1_09-19-2025_113929Couldn't predicted anything, couldn't predict it, that Intel was gonna get, what was it? Nvidia took a stake in them.
david_1_09-19-2025_103928That could be, I thought the US government was talking about taking a stake in him.
ian_1_09-19-2025_113929Yeah, I think they convinced they'll, nvidia to do it
david_1_09-19-2025_103928Oh, okay.
ian_1_09-19-2025_113929probably better. It's better. We need, yes, we need private partnerships, not with the government.
david_1_09-19-2025_103928Agreed. So I think it's a, it's appropriate to make sure we highlight the sponsor of this podcast, the Adaptive Select ETF, listed on the New York Stock Exchange under ticker A DPV, which helps investors access two of the most prevalent factors in markets, momentum and relative strength. Through proprietary identification methods, the Adaptive Select ETF attempts to own the strongest 25 large cap stocks when the market is in an uptrend. And since not all market environments are the same, adaptive select seeks to prevent extended declines by moving to short-term treasury bills and cash long-term market Downtrends investors can find out more including how to invest in A DPV by visiting ad pv etf.com or calling 1-833-880-FIVE 200. Investing involves risk, including possible loss of principle, a dvs distributed by Quasar Distributors, LLC. We really appreciate their support, helps us deliver this message to our listeners. Anything else you wanna highlight, Ian, before I ask those listening to give us a high ranking and share us with others?
ian_1_09-19-2025_113929No, just yeah, remaining, remaining in upturn. I love, I love when we get to be on here and talk about stocks at all time High. So.
david_1_09-19-2025_103928For
ian_1_09-19-2025_113929Gotta stick it. Gotta stick it, gotta keep it going.
david_1_09-19-2025_103928Gotta confirm. So we continue to see uptrend and bullish behavior. There's a couple red flags that we've highlighted. But we really appreciate everybody listening, all the great listenership that we have. We ask you to share it with your friends. Give us a high ranking on your platform or choice. We appreciate it.
ian_1_09-19-2025_113929Have a great weekend everyone.